Definition
Fixed-Rate Mortgage
A loan whose interest rate remains unchanged for the entire term.
Nearby terms
FICO Score
The credit scoring model most widely used in lending.
First Lien
The mortgage with priority over all other liens, paid first in a foreclosure.
Float Down
A provision allowing a borrower with a locked rate to take a lower rate if the market improves before closing, usually for a fee.
Forbearance
A temporary agreement to reduce or suspend payments, with the missed amounts handled later by repayment plan, deferral or modification.
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